Retirement plan enrollment can overwhelm employees and discourage them from participating in benefits. Our mobile app targets and reduces choice aversion among participants, helping increase enrollment rates and maximize plan value.
Plan sponsors face a challenge when engaging employees in retirement plans. What’s the best way to get employees to enroll, select investment elections, increase deferral rates, or defer at a rate that will help employees save for retirement?
Simplify the process
To employees, enrollment decisions can seem overwhelming. Employees who do not feel financially savvy might avoid enrolling in a plan rather than deal with difficult choices. For employers, higher plan participation rates can make benefits more cost effective, and can help ensure a plan’s regulatory compliance. In the past, employers who wanted to increase participation rates developed a strategy using automatic plan enrollment and default investment elections. In addition to these methods, Milliman now offers plan sponsors with a free mobile app that boosts employee engagement.
Milliman’s mobile app is designed to address employee engagement from a behavioral standpoint. Our simple interface allows employees to make a few key decisions about their retirement account. Our tool allows:
- New hires to enroll in a plan by making one simple election—a deferral rate
- Active participants to review and change their deferral elections
- Active participants to set annual automatic increases to their deferral rate
Part of a growing plan sponsor toolset
Our mobile app pairs with our other tools. Our PlanAhead for Retirement™ tool shows employees any potential shortfall in their retirement savings, so it’s never been easier to demonstrate the need for retirement savings. Our open architecture can help your retirement plan committee choose the appropriate default investment. And with tools like InvestMap, we can simplify investment choice by pairing an employee’s time horizon for retirement with their own risk tolerance.
It starts with participant enrollment, and from there, we can help you offer employees a range of options that educate plan participants and help them meet their retirement savings goals.
Contact our consultants to find out how we can help you deploy a strategy to help increase enrollment in your plan and help your employees save toward retirement.
Google+ Hangout: Milliman mobile benefits app (Part I)
Craig Burma discusses how Milliman's mobile app technology is helping retirement plan participants and sponsors meet their needs in this video.
Google+ Hangout: Milliman mobile benefits app (Part II)
In this second video, Burma discusses the mobile benefit app's upcoming functionality and transaction enhancements that will further boost employee engagement.